Feb. Gold Futures closed up 4.10 at 897.70 and March Silver Futures closed up 0.095 at 16.37.

Grains were higher with March Wheat Futures closing up 26 ¾ at 9.09 1/4, March Beans closed up 38 ½ cents at 12.98 ¾, and March Corn closed LIMIT UP at 4.95.

Feb. Live Cattle Futures closed down 1.85 at 91.35 and March Feeder Cattle closed down 2.275 at 102.50. Feb. Lean Hogs closed down 1.525 at 54.00.

“The world has achieved brilliance without wisdom, power without conscience.Ours is a world of nuclear giants and ethical infants.”

Author: Omar N. Bradley

AS I SEE IT:The Dow opened 100 points lower and sold off from there closing down 246.79 points, but the S&P held better on the day because it sold off after the Dow closed yesterday.Traders did sell the rallies again today but I thought the S&P toughed it out and held support fairly well.Traders I know think it is possible for the Fed to react in here someplace if this market continues to deteriorate.

After all the huff and puff for the week the S&P was only down 14.75 points.The 1400.00 area is support so I want to see how the market reacts off that level.Someplace in here I think the market will catch a bid and the reaction could be big even though the trend is lower.

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About The Author

Mr. Ray Olson is the Author of the Market Strategies Workbooks. He has been trading for over 40 years, and his insights are priceless. Besides trading the Soaring Phoenix accounts, he publishes the Newsletters and teaches others how to trade.

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We want to give everyone the opportunity to "Trade Like A Pro" with the Soaring Phoenix Market Trading Strategies workbooks and free newsletter.
Even though these market trading strategies can be used in any market with enough volume to create movement, we specialize in teaching brokers/traders to trade the E-mini S&P, Nasdaq 100, 30 yr. T-Bonds, Gold, and the Oil market futures.
Our Instructor, Mr. Ray Olson, Senior Trader for Soaring Phoenix LLC accounts, and the Author of the Soaring Phoenix Market Trading Strategies has traded for 40 years and is one of the best traders in the country. We are fortunate to have him trade for Soaring Phoenix, and help others learn how to trade with the profit probabilities on their side.
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